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Cathie Wood, the founder, CEO and CIO of Ark Invest, held discussions with Bill Hwang of Archegos Capital about U.S. stocks and, in particular, the media sector back in 2013.
What Happened: In an interview with CNBC, Cathie Wood said hedge fund veteran Hwang provided seed capital for Ark s first four exchange-traded funds. He did provide the seed for our first four ETFs, and we were very grateful to him. It was at a time where market makers were sick of seeding new strategies, she said in the interview.
Why It Matters: Hwang ran Archegos Capital Management, the family office that imploded in March and caused massive losses at a few big banks when Archegos couldn t meet margin calls.
Alphabet Inc (NASDAQ: GOOGL) via
ARK Space Exploration & Innovation ETF (BATS: ARKX).
Wood’s firm held about $21 million worth of shares in the Google parent via ARKX ahead of Thursday’s trade, representing about 3.3% weight of the ETF.
Alphabet shares closed 0.98% higher at $2,337.35 on Thursday.
The investment firm shed a significant stake of 1.46 million shares, worth about $61.9 million, in the cloud software provider company
Fastly Inc (NYSE: FSLY) via
Ark
Other Ark Buys On Thursday:
Zillow Group Inc (NASDAQ: ZG)
Uipath Inc (NYSE: PATH)
Mercadolibre Inc (NASDAQ: MELI)
JD.Com Inc (NASDAQ: JD)
Bill.Com Holdings Inc (NYSE: BILL)
Schrodinger Inc (NASDAQ: SDGR)
Cathie Wood s ARK Innovation ETF Is Down 10% This Week, Nearing New Low for the Year nbcphiladelphia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcphiladelphia.com Daily Mail and Mail on Sunday newspapers.